Gold price beats summer records

Gold has risen in price to a maximum of the last three weeks. This is due to the fact that the Fed in its protocol has made it clear that it would not increase interest rates any time soon. In yesterday's trading session, the gold was trading near the mark of $1 138.56 per troy ounce, the current increase of the precious metal reached $1 154.01. Futures for December rate in the United States have increased in price by $ 9.50 to $1 153.80 per ounce. The total growth of the spot price for the week will be 1.3%.

On Thursday, there were published minutes of meeting of the Federal Reserve for the last month, which showed that Fed members were close to a decision to raise rates, but decided to play it safe once again. They need confidence that the recession of global economic growth will not affect the United States. Director of Strategic Planning at the commodity market, ING Bank Hamza Khan said: "The demand for gold is still fairly high. The market situation is conducive to an increase in prices. The longer the Fed will delay increase in rates, the betterit will be for gold". Khan also added that he expects growth of gold to $1,200 next week. This level the market has not seen since the end of June.

Meanwhile, platinum grew in price by 3.5% and the amount of growth at the end of week will be about 7.6%. This will be a new record since the middle of October 2011. Such jump has caused by the closing of Eland Platinum mine in South Africa, according to a report from Glencore London. Low prices and the heavy market did not leave choice to the company. Silver was trading around the level of $15.97 an ounce, against $15.66 on Thursday. Platinum was trading at $972.25, and palladium at $711.70. Both values were increased compared to the previous day.

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